NVDA reacting higher after ending A-B-C correction
In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of NVDA. We presented to members at the elliottwave-forecast. In which, the rally from 03 January 2024 low unfolded as an impulse structure and showed a higher high sequence favored more upside to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
NVDDA four-hour Elliott Wave chart from 4.04.2024
Here’s the 4hr Elliott wave chart from the 9/20/2023 update. In which, the cycle from the 1/03/2024 low ended in wave ((3)) as an impulse structure at $974 high. Down from there, the stock made a pullback in wave ((4)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended at $841.66 low. Wave (X) bounce ended at $967.66 high and wave (Y) managed to reach the blue box area at $834.76- $752.75. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
NVDA latest four-hour Elliott Wave chart from 4.15.2024
This is the latest 4hr Elliott wave Chart from the 4/15/2024 update. In which the stock is showing a reaction higher taking place, right after ending the correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $974 high is still needed to confirm the next extension higher & avoid a double correction lower.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
